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Beware of a stealth tax on Social Security benefits

By |2024-03-12T19:57:42+00:00March 12th, 2024|Latest News|

Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In fact, depending on how much overall income you have, up to 85% of your benefits could be hit with federal income tax. While the truth about the federal income tax bite on Social

A job loss is bad but the tax implications could make it worse

By |2024-03-12T19:52:29+00:00March 12th, 2024|Latest News|

Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries including technology and media. If you’re laid off or terminated from employment, taxes are likely the last thing on your mind. However, there are tax implications due to your altered employment circumstances. Depending

New option for unused funds in a 529 college savings plan

By |2024-03-12T19:50:47+00:00March 12th, 2024|Latest News|

With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow tax deferred. Earnings used to pay qualified education expenses can be withdrawn tax-free. However, earnings used for other purposes may be subject to income tax plus a

Applying for a commercial loan with confidence

By |2024-03-12T19:48:34+00:00March 12th, 2024|Latest News|

Few and far between are businesses that can either launch or grow without an infusion of outside capital. In some cases, that capital comes in the form of a commercial loan from a bank or some other type of lender. If you and your company’s leadership team believe a loan will soon be necessary, it’s

If you didn’t contribute to an IRA last year, there’s still time

By |2024-02-23T15:33:12+00:00February 23rd, 2024|Latest News|

If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2024, filing date and

Get ready for the 2023 gift tax return deadline

By |2024-02-23T15:32:37+00:00February 23rd, 2024|Latest News|

Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required. Who must file? The annual gift tax exclusion has increased

Filing jointly or separately as a married couple: What’s the difference?

By |2024-02-23T15:17:51+00:00February 23rd, 2024|Latest News|

When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks and your correct tax. The five filing statuses are: Single Married filing jointly, Married filing separately, Head of household, and Qualifying surviving spouse. If you’re married,

Small businesses can help employees save for retirement, too

By |2024-02-23T15:13:39+00:00February 23rd, 2024|Latest News|

Many small business owners run their companies as leanly as possible. This often means not offering what are considered standard fringe benefits for midsize or larger companies, such as a retirement plan. If this is the case for your small business, don’t give up on the idea of helping your employees save for retirement in

Is it time to upgrade your business’s accounting software?

By |2024-02-23T15:10:29+00:00February 23rd, 2024|Latest News|

By now, just about every company uses some kind of accounting software to track, manage and report its financial transactions. Many businesses end up using several different types of software to handle different accounting-related functions. Others either immediately or eventually opt for a comprehensive solution that addresses all their needs. Although there’s some truth to the

If you gave to charity in 2023, check to see that you have substantiation

By |2024-01-30T20:30:12+00:00January 30th, 2024|Latest News|

Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a letter, can you still claim a deduction for the gift on your 2023 income tax return? It depends. What the law requires To prove a

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